It's different from Fed policy in that they set up a certain amount of money and auction that off to the highest bidder.

这与美联储政策不同,因为他们设定了一定数量的连出价最高的投标者,都无法触及的货币拍卖。

耶鲁公开课 - 金融市场课程节选

The discount rate was a policy variable set by the Fed and it was typically fifty basis points below the Federal Funds Rate.

贴现率是一个联邦可改变的政策,并且它比联邦资金利率通常,低五十个基本点。

耶鲁公开课 - 金融市场课程节选